The new all-time high for stocks is the 'mother of all buy signals'

According to Tom Leveroni at Nautilus Research, hitting an
all-time multiyear high in particular means more good news is on
the horizon. The market has broken its multiyear record 17 times,
and each of those instances has been followed by prolonged
growth.

"As shown below, the only thing more bullish than a new 1 year
high is a new multi-year high (i.e. > 2 year high) — 16 of 17
occurrences since 1928 gained 3 months later (avg + 4.44%) and
all 17 occurrences were higher one year later," Leveroni wrote in
a note to clients on Monday.

In fact, after these 17 multiyear highs, the average return for
the S&P 500 has been 8.54% over the next six months and a
whopping 15.56% over the next year.

Just because we've hit a new high doesn't mean it's the top yet,
in Leveroni's opinion. He was also impressed by the resiliency of
the market
in such an uncertain global atmosphere, which makes the
latest record, as he called it, "The Mother of All Buy Signals."

"This new high breakout in US big cap stocks has defiantly bucked
a dour global mood and, based on historical precedent, should be
respected," he wrote. "We know of no other technical signal as
robustly bullish for a longer-term horizon."

While past performance is not always indicative of future
returns, 17 out of 17 isn't bad.